Prime Minister Justin Trudeau has announced a major investment of over $2 billion to support three key initiatives to help create nearly 17,000 homes for families across the country, including thousands of affordable housing units.
This investment, which includes funding from Budget 2021 and Budget 2022, will go toward creating 4,500 additional affordable housing units by extending the Rapid Housing Initiative (RHI) for a third round.
Launched in 2020 RHI provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units.
The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people under the NHS, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.
The current investment will include women-focused housing projects and projects supporting those experiencing or at risk of homelessness.
The funding according to Trudeau will also be used in creating at least 10,800 housing units, including 6,000 affordable units, through the Affordable Housing Innovation Fund, which encourages new funding models and innovative building techniques in the affordable housing sector.
It will also be creating a new, five-year rent-to-own stream under the Affordable Housing Innovation Fund to help housing providers develop and test rent-to-own models and projects, with the goal to help Canadian families across the country transition from renting to owning a home.
Applications are being accepted as of today for both the Affordable Housing Innovation Fund and its new rent-to-own stream. As part of their application, candidates will be required to demonstrate their commitment to innovation, affordability, and financial sustainability.
More information on the extended Rapid Housing Initiative will be available soon, followed by the opening of the application and proposal process.
“When people have a home of their own, whether they rent or they own, they are better able to invest in themselves, and invest in their communities. Our government understands that it is only by investing in people, that we can grow our economy. Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success,” Trudeau said.
